On Friday(1-6-12)Nifty moved up to 4924 at the opening, moved steadily downwards and closed at 4842 in G1(top: 4859, centre: 4759, bottom:4612). Incidentally Soma level for the day was 4841. The daily average for Friday was at 4878.38 which is in G2. If daily average also moves down to G1 on Monday, shortly 4759(centre of G1) and 4612(low of G1) can be expected. Nifty and Nifty futures ranges were 4925 -> 4832 and 4915 -> 4815, having a downward move of 100 points. Though it was an Exceptional Friday (next day of F&O settlement) Nifty didn't move up any time through out the day, which is a phenomenon seen for the last four years. Agni level for Monday is at 4905.
3 comments:
did not understand the statement about Exceptional friday.....does Nifty move up on Exceptional Fridays ...or moves down
Dear Jonak,
For "Exceptional Friday" details you can search the blog. For your and readers convenience it is repeated here. On Friday's Nifty usually moves down. On Friday's that follow F&O settlement and that follow red closing through out Monday to Thursday Nifty may move up and these Fridays are called "Exceptional Fridays. On these days Nifty may move up 50 to 100 points (some occasions intraday also). These up move is called "Exceptional Friday Effect."
That was not only lacking yesterday Nifty continued to drift downwards through out the day.
The cause of 50 - 100 points upmove can be attributed to the purchase of FIIs and DIIs who acquire Nifty stocks in the proportion of weight-age and sell Nifty futures with reasonable premium. Yesterday Nifty futures was not in premium and discount was around 20 points. That means every market player is expecting a down move for Nifty for the weak ahead.
In second para replace "yesterday" with "last Friday"
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